Insurance Fund Actuarial Review
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
A report by the Director of Finance summarised the conclusions of the recent study undertaken by HJC Actuarial Consulting into the sum required to fund liability claims within the limits of the self-insured liability. It highlighted continued improvement in the Insurance Fund and indicated the potential for reductions in contributions and a further return of resources to the General Fund.
(1) £3.4m of the current reserve in the Liability section of the Insurance Fund be transferred to General Fund Balances; and
(2) the 2011/2012 contribution to the Insurance Fund be reduced by £600,000 to £1.5m.
Publication date: 10/09/2010
Date of decision: 02/09/2010
Decided at meeting: 02/09/2010 - Cabinet
Effective from: 18/09/2010